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Good morning,

This morning E*TRADE(R) Group, Inc.and Telebanc Financial Corporation, the parent company of Telebank, the nation's leading Internet bank, today announced that E*TRADE has received notice from the Office of Thrift Supervision (OTS) indicating that E*TRADE's regulatory application for approval to acquire Telebanc has been deemed complete as of Friday, December 17, 1999. E*TRADE and Telebanc are optimistic of an expedited regulatory approval process and both parties continue to work aggressively to close the transaction as quickly as possible and achieve rapid integration.

Click on the news link above to read the full press release.

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